Shares of Redfin were up more than 5 percent in after-hours trading after the real estate company posted its fourth quarter earnings report.
- Revenue grew 88 percent year-over-year to $233 million while net loss per share was $0.08, down from -$0.14 in the year-ago quarter. Analysts expected revenue of $217 million and net loss per share of $0.12.
- Revenue from its Brokerage division came in at $123.6 million, up from 32 percent. The Properties division, which includes the company’s RedfinNow initiative for buying homes directly from consumers, spiffing them up and selling them, brought in $99 million in revenue, up from $21.6 million last year, with a $1.3 million loss. RedfinNow expanded to Las Vegas this quarter and is now available in 13 markets across four states.
- The company’s stock is up slightly over the past year, trading at $25.50 when the market closed Wednesday. Its market capitalization is $2.3 billion.
- “This was the fourth quarter in a row that our real estate services revenue growth accelerated, and the second quarter in a row that gross margins improved in every segment of our business,” Redfin CEO Glenn Kelman said in a statement. “Our multi-year investments in a broader solution for our customers that includes mortgage, title, renovations and instant offers are really starting to pay off, but what’s most important is that we’ve been able to grow while maintaining our commitment to efficiency, so customers get low prices and Redfin can generate more gross profit.”